UBI Banca, part of Italian banking group Intesa Sanpaolo, has increased its stake in asset manager Pramerica to 100% by purchasing the remaining 35% stake in the firm from Prudential Financial.

Finical details of the deal were not revealed.

Pramerica provides a range of investment solutions including individually managed accounts in funds, securities to a range of mutual investment funds, and SICAV sub-funds.

It also oofers personalised investment management solutions for private and institutional clients.

As of 31 December 2020, the company’s AuM stood at €68.08bn, with net inflows over the 12 months of €614m. Prudential became a minority shareholder in Pramerica SGR in 2002.

In 2018, Pramerica agreed to purchase Indian housing finance firm DHFL’s holding in their equal stake joint venture DHFL Pramerica Asset Managers (DPAM).

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Intesa’s push towards wealth space

This latest transaction is line with the Intesa’s objective of becoming a wealth management and protection company in the European region.

The bank, through its subsidiary Eurizon, maintain a presence in the Italian asset management space. It offers a range of asset management products and services for retail, private and institutional clients in a number of international markets.

These include the UK, Luxembourg, France, Spain, Germany, Eastern Europe, Switzerland, Hong Kong and mainland China.

Intesa said that the acquisition takes a further step in the integration of UBI Banca into Intesa Sanpaolo.

UBI was acquired by Intesa last year.

In 2016, Intesa signed a distribution deal with Lyxor Asset Management to make Lyxor’s seven alternative Ucits funds as well as two multi asset funds available to private banking investors in Italy.